Report
Dorothea Hill ...
  • Jason Streets
  • Keith Hiscock
  • Mark Thomas
  • Martin Hall
  • Mike Foster
  • Nigel Hawkins
  • Paul Mylchreest
  • Paul Singer
  • Stephen Clapham
  • Tony Williams
  • Yingheng Chen

The Monthly: October 2019

â–º Since their privatisation in 1989, the 10 water companies have faced a periodic review every five years; it is undertaken by Ofwat, and prescribes customer prices, along with the investment requirements.
â–º As part of the ongoing review, PR19, Ofwat will publish its Final Determination numbers on 11 December 2019; they will apply as from April 2020, although water companies do have the option to seek a reference to the CMA.
► The three quoted water companies – Severn Trent, South West and United Utilities – have been fast-tracked, so their numbers are broadly known.
► The other seven are facing tough regulatory scrutiny, with several seriously considering appealing Ofwat’s Final Determination via the CMA – Southern, Thames and Anglian are the most likely to do so.
Underlyings
600 Group PLC

600 Group is an engineering group. Co. operates these businesses from locations in North America, Europe and Australia selling into more than 180 countries worldwide. Co. has two segments: Machine Tools and Precision Engineered Components, which designs and develops metal processing machine tools sold under the brand names Colchester, Harrison and Clausing and designs and manufactures precision engineering components under the brand names Pratt Burnerd and Gamet; and Industrial Laser Systems, which operates under the combined TYKMA Electrox brand that provides laser solutions across a number of industrial laser applications including marking, engraving and micro-material processing.

Allergy Therapeutics PLC

Allergy Therapeutics is a pharmaceutical group focused on allergy vaccination. Co. mainly sell its products in European countries and its pipeline of products in clinical development includes vaccines for grass, tree and house dust mite, as well as a peanut allergy vaccine in preclinical development. Co. sells a range of aluminium-free allergy vaccines and diagnostics. Co. sells both injectable and sublingual (oral) formats. The commonly prescribed are those for the treatment of pollen related allergies, particularly for allergies to grasses, weeds and trees. Co.'s vaccines trade under various brand names depending on the market, e.g. Pollinex Quattro, Polligoid and TA Graser Top.

Arbuthnot Banking Group

Arbuthnot Banking Group is primarily involved in banking and financial services. Co. is organized into three main operating segments: Retail banking (associate), which incorporates household cash management, personal lending and banking and insurance services; U.K. Private banking, which incorporates private banking, commercial banking and wealth management; and Group Centre, which is comprised in Co.'s Group Centre management. As of Dec 31 2016, Co.'s total assets were £1.27 billion.

City Of London Investment Group

City of London Investment Group is the holding company for a number of subsidiaries. The principal operating subsidiary is City of London Investment Management Company Limited, which acts as an investment manager on 38 accounts with a total of £3.58 billion under management as at June 30 2017. Co. is an asset management group with an institutional client focus specializing in Emerging Market closed-end fund investments. Co.'s range also include Developed, Frontier and Global Tactical Asset Allocation closed-end fund strategies.

Diurnal Group

Diurnal Group is a pharma company developing products for the life-long treatment of chronic endocrine conditions. Co. is focused on addressing clinical and patient needs in hormone replacement, initially by developing and marketing products for the rare orphan diseases congenital adrenal hyperplasia and adrenal insufficiency. Co.'s products include Infacort®, an immediate-release hydrocortisone preparation targeting Adrenal Insufficiency (including Congenital Adrenal Hyperplasia) in children under six years of age in Europe and 16 years of age in the U.S.; and Chronocort®, a modified-release hydrocortisone preparation, initially targeting Congenital Adrenal Hyperplasia in adult patients.

Genedrive

Genedrive is a holding company. Through its subsidiaries, Co. is a molecular diagnostics business developing and commercializing a point of care diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. Co.'s Genedrive® is a patented small polymerase chain reaction platform which enables rapid nucleic acid amplification and detection from various sample types, including plasma, sputum and buccal swabs. Co. also provides contract research services to drug development companies under the Epistem brand name.

Koovs

Koovs is an online western fashion destination in India. Co. is engaged in supplying fashion garments and accessories for distribution through the KOOVS.COM website including international fashion brands, British high street brands and Co. own-label product designed by a team based in London.

Morses Club

Morses Club is a United Kingdom consumer finance business in the Home Collected Credit market. Co.'s customers are served by self-employed agents, as well as employees based across 98 branches. Co. operates through a series of local branches based all over the UK. Co.'s field management team operate from these branches, working with its network of self-employed agents.

Pantheon Resources

Pantheon Resources is engaged in the investment in oil and gas exploration and development. Co. operates in the U.K. through its parent undertaking and in the U.S. through subsidiary companies. Co. operates in two reportable segments: USA and Head Office. Non-current assets, income and operating liabilities are attributable to the USA, whilst most of the corporate administration is conducted through Head Office. As of June 30 2017, Co. held 58% working interest in the VOBM#1 & VOBM#2H wells in Polk County. Co. also held 75% working interest in VOBM#4 in Tyler County.

Primary Health Properties PLC

Primary Health Properties is a holding company and a real estate investment trust. The principal activity of Co. is investment in primary healthcare property in the U.K. and Ireland. Co.'s properties are leased principally to general practitioners, government healthcare organizations and other associated healthcare users.

R.E.A. Holdings PLC

R.E.A. Holdings is principally engaged in the cultivation of oil palms in the province of East Kalimantan in Indonesia and in the production and sale of crude palm oil and crude palm kernel oil. Ancillary to these activities, Co. generates renewable energy from its methane capture plants to provide power for its own operations and also for sale to local villages via the Indonesian state electricity company. As of Dec 31 2016, Co. held interests in respect of two stone deposits and two coal mining concessions, all of which were located in East Kalimantan in Indonesia.

Surface Transforms PLC

Surface Transforms is a developer and manufacturer of carbon ceramic products for the brakes market. Co. is engaged in the design, manufacture and sell carbon fiber components. Co.'s products in the automotive industry are lightweight, durable and refined, providing heat dissipation and material strength. In the aerospace industry, Co.'s products provideweight reduction, improved brake performance and wear life. Co's research activities are concentrated on the ongoing identification of new products and applications for carbon fibre reinforced ceramic friction and non-friction materials.

Titon Holdings PLC

Titon Holdings is engaged in the design, manufacture, marketing and sales, plus its associate's activity in real estate development: trickle vents and hardware products for the window and door fabricator markets in the U.K., Europe and the U.S.; mechanical ventilation products for the new build residential markets in the U.K. and Europe; and natural ventilation products for the new build residential market in South Korea. The first two activities are carried out by Co.'s subsidiaries, Titon Hardware Limited and Titon Inc. (in the U.S.). The third activity is carried out by Co.'s subsidiary, Titon Korea Co. Ltd. and Browntech Sales Co. Limited, Co.'s associate company.

Volta Finance (GBP)

Volta Finance is a closed-ended investment company with the objective of investing, among other asset types, in the following main asset classes: Collateralized Loan Obligation, Synthetic Corporate Credit, Cash Corporate Credit and ABS. Co. has appointed AXA Investment Managers Paris S.A., as its Alternative Investment Fund Manager to manage the investments of Co.

Warpaint London

Warpaint London is focused on color cosmetics, which it separates into four categories: Face make-up: foundation, blushers, illuminators, and powders and loose and pressed powders; Eye make-up: eye shadows, eyeliners, eyebrow pencils and mascara; Lip make-up: lipstick and glosses, lip pencils, lip plumpers and palettes; and Nail make-up: nail varnishes, polishes, hardeners and strengtheners, base and top coat. Co. consists of two separate divisions, own-brand, which its W7 brand sells to street retailers, beauty shops, and online sales channel; and close-out, which representing its business, buys and sells close-out and excess stock of branded cosmetics and fragrances from around the world.

Provider
Hardman & Co
Hardman & Co

We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.

Our expert team of sector analysts and market professionals collectively have over 400 years of experience.  This depth of knowledge and a reputation for integrity have built trust with investors. With effective communication and precision distribution, we help companies disseminate their investment message to interested investors, as well as advise them on strategy.

Our smaller, boutique structure allows us to provide first-class customer service and to deliver a wide range of ad-hoc services for multiple clients with different needs.

Analysts
Dorothea Hill

Jason Streets

Keith Hiscock

Mark Thomas

Martin Hall

Mike Foster

Nigel Hawkins

Paul Mylchreest

Paul Singer

Stephen Clapham

Tony Williams

Yingheng Chen

Other Reports on these Companies
Other Reports from Hardman & Co

ResearchPool Subscriptions

Get the most out of your insights

Get in touch